National Republican., 1887-12-10
National Finannan.

raignment OF the financial policy Of the
administration in the REPUBLICAN, Of Dec.
/ 10 most forcible. The facts cited TO sup
port II are undeniable. They are quota
tions from the public records embodylng
the deliberate and matured Ideas, plans, aud
purposes Of Mr.. Cleveland and bis associates
in the government. They all point one way.
They. indicate fanatical determination to
make money scarce and hard TO get by the
people. The general statements OF policy
In Mr.. Cleveland's inaugural and the rec
concentrations OF the Secretary OF the
Treasury, the treasurer, bank comptroller,
and director OF the mint show perfect
unanimity In this iell purpose.
The practice In the details OF treasury
management accorded with this policy also.
First. All agreed that silver should be
excluded from coinage and gold alone used
for the major coinage.
Second. All agreed that the greenbacks
should be retired and burned up. This
would at once destroy one.halt the debt
paying money Of the nation. Every cred
itor would have the right to demand pay
mt In coin. This would carry up enor.
mously the price OF money and lower the
price OF labor and its products.
Itwould render every considerable debtor
bankrupt, and drive hundreds OF thousands
from their mortgaged homes into the
street.
It would have put It out Of the power OF
most employers to pay labor or to conduct
bueiness safely. 1t would have filled the
country again with millions Of tramps and
inflicted upon the people untold suffering.
This part OF the plan was sturdily re.
sisted by the intelligence and patriotism Of
the country and ignominiously defeated.
Such defeat In any liberal government In
Europe would have driven cabinet from
power. But this administration has not
only the brazen effrontery to hold on, but
even to continue its wicked assaults upon
those features OF the currency system which
are the only hope Of industry and COM
merce.
In the field where It had unrestrained
discretion the animus OF the administra-
tion has been clearly shown. II continued
the hoard in the federal treasury, resisting
every attempt to diminish 1t. When Con-
gress passed a bill requiring the payment
Of ten millions month Of the surplus,
Treasurer Jordan insolently denounced 1t,
and threatened to resign. The President
pocketed the bill and the boarding went on.
When, last summer, the chronic depres-
sion and menacing indications Of approach
ing panic forced o cry Of alarm from even
the great money centers OF the country,
when every intelligent public man not In the
pay OF professional wreckers realized the
danger and the great dumb masses OF the
people, the farmers especially, saw their
| products sold for less than the cost Of pro-
duction; when the exlgency required an
| immediate session Of Congress to provide
adequate relief, the President refused to
call an extra session to consider the state
| Of the country.
BY Illegal purchases of bonds, loans to
the national banks, and anticipation OF In.
terest on bonds temporary relief was offered
| to the cities, but no thought was given to
the people at large, suffering the dire evils
Of monetary striDgency in state Of chronic
paralysis and stagnation. The stupidity
and merciless Indifference to the condition
| Of the masses were we'll illustrated by the
answer OF Mr.. Fairchild, the Secretary OF the
Treasury, to the alleged scarcity Of money.
| He said he had offered the bondholders
their money and they did not come to take
It. This seemed to him conclusive evidence
that there was no scarcity Of money. The
vision Of the administration was circum-
ecribed by the horizon Of Wall street. II
could see no need OF money outside OF the
bondholding and speculating classes.
Money as the instrument Of the ex
changes Of the people, as the essential too
Of industry In civilization, as the fruitful
agency Of thrift, the dispenser OF comfort
to millions Of humble homes-money In
this benefcent activity is wholly ignored BY
Mr.. Cleveland and his associates. Yet thit
|
significance Of this fatal policy comes to u:
only when we descend from the abstrac'
tions of an obsolete economic system tt
the actual effect of withdrawing money
from circulation. 1t is like drawing thu
blood from the veins Of a healthy man
War, pestilence, and famine combined arr
not worse. Battle fields strewn with tn
people reduced to poverty, bankruptcy, ant
degradation by the simple process Of takinl
away their money. Yet all this evil possi
bility lurked In the policy which this ad
ministration attempted to enforce.
It stands arraigned for unexampled stu
pidity or for completely with the robbie
rings of Wall street to wreck the com
merce and industry Of the country.
Its unwillingness to call Congress to
gether at the critical juncture last summe
testified to reckless indifference whicl
discredits It at once In the eyes Of all intel
ligent men.
Why should not Congress have assem-
bledp There was every reason why 1t shoul
meet and organize growing out Of the S.I %n
members were all under pay, the increase,
expense was slight, yet the President pre-
feIred to take the risk, and the Secretar,
resorted TO pitiful expedients Of doubt
full legality to tide over till after election
In this we are bound to say 1t obeyed tn
behest Of the most dangerous class Of me-
In the republic. 1t consulted no farmer
manufacturer, or workingman as to wha
he or bis class needed. II turned Its bacl
upon all the useful people of America.
adopted policy which could benefit onl
those who are engaged in no legitimat
business, but who live upon the misfol
tunes of industry and enterprise.
The wretches who hang out falee light
upon a dangerous coast to lure ships t
destruction are Just as reputable as til
wreckers Of Wall street, whose will tn
Democratic administration has tried faith
fully to obey In It's monetary policy.
this II con be shown It Is true to the ant,
cendents and traditions Of its party fo
forty years. II was once the slave Of tn
slave power. To-day It is the tool of th
money power. EDWARD DANIELS.
GUNsToN, VA, Dec. 8.